The U.S. Senate unanimously passed a five-week extension of the Paycheck Protection Program (PPP) on Tuesday, June 30, just a few hours before the application window on the program closed.
The extension would give more time for small businesses to apply for approximately $129 billion in remaining PPP funding. The plan approved by the Senate would extend the application period until Aug. 8.
The U.S. House of Representatives would have to pass the measure and President Donald Trump would have to sign it before the extension would take effect. Read more.